Credit Problems Q: What can you do about the fraudulent use of your name to obtain credit? I recently found several items on my credit report that I had never heard of.
View Answer Q: You have written quite a bit about credit. I am just curious - what is the biggest problem you see in the credit reports you review?
View Answer Q: I have heard you can 'freeze' your credit to protect yourself in case of fraud. I have had a problem and would appreciate an explanation.
View Answer Q: What if we had credit problems in the past? Can we qualify for a mortgage?
View Answer Q: My boyfriend and I wanted to buy a home together, but his credit is really bad so I bought the home under my name alone. I have three children with my 15 years boyfriend, and I want to make sure he gets the home if anything should happen to me. How can I add him to the mortgage? How can I be sure he will get the home without problems if I die? My only problem is if I add him to the mortgage/deed and he has a lot of creditors after him and judgments, will this cause the home to have liens and harder to refinance in the future?
View Answer Q: Some time ago I had a really serious problem with the fraudulent use of my name, my credit. It took me nearly 14 months to get it all cleared up and lost me a low interest rate on my refinance. What protection do we have nowadays for this type of thing?
View Answer Q: My husband and I are in our late twenties and would like to start a family in a year. We want to buy our first house for roughly $400,000; we make over $110,000 annually. Granted, neither one of us has been at our jobs a year but they are good, solid positions. Problem is, we have nearly $50,000 in credit card debt between us. We haven't used the cards in a year, have been paying off more than the minimum every month, never late, four cards total with decent rates, all accounts in good standing. Credit reports contain no negative comments (other than big balances), but we have not requested our FICOs that I’m guessing won’t be great because of the debt. We have a car payment, no college loans.
His parents want to give us (not loan) between 30-50k for a down payment. When I run the mortgage calculations online for putting this down with our current debt, we don't even come close to qualifying for the loan we need. Even if you cut the 50k debt in half and still put down the 30-50k we still don't qualify. My gut tells me we should use the money from his parents to pay off all the credits cards right away and start clean. I'm thinking without the high credit card debt, we could walk into a lender tomorrow and with first-time homebuyers’ incentives maybe qualify immediately. We desperately want a house and don't want to wait three more years. Is this the best plan?
View Answer Q: We live in a home that we are currently buying; my name is not on the title. However, we would like to move, and my husband was approved for the new home, but the loan officer is now telling me they need to run my credit. They said they just want to know my debts. Why? Is this the law? The first mortgage company did not ask for my credit.
View Answer Q: For mortgages, do they also do a background check or just strictly a credit check? What kind of questions will be on the application?
View Answer Q: My parents purchased a condo as an investment. They intended to rent it out and sell it in a few years. I am moving back to the area and we discussed me renting the property and occupying it. I am recently divorced and my ex trashed our credit. I'm finally coming out of that, but understand that it will take some time to re-establish my credit and get the scores I am accustomed to having. My parents suggested that we investigate whether they could add my name to the mortgage, have me pay the mortgage and help rebuild credit. I can more than afford the payments. Is this something that can be done? If the name is just added to the title, but I am paying the monthly mortgage - would this be reported to the credit bureaus under all three names on the title?
View Answer Q: I am divorced and now remarried. My name is still on my ex-husband’s house that he lives in; I deeded it to him in the divorce so my name is not on title anymore. Early in the divorce I asked the credit union if I could take my name off the loan, they told me no. He cannot refinance due to many late payments, and it is holding up my credit to do anything with my husband. This is the only bad credit I have; everything else is perfect. How can I get the bank to just take my name off since I don't even own any of it; can they keep holding me for another 25 years?
View Answer Q: I own a home and am the only one on the deed. I would like to refinance but my credit is poor. If I add my father to the deed, can I use him as a co-borrower? I have the income but he has the excellent credit score.
View Answer Q: I am moving to a university town where rent is outrageous. I have been working in my profession for 7 years and have rented apartments since I was 18 years old. I am now 29 and would like to purchase a condo or starter home, but my credit score is currently 564.
I have always been terrible with credit and irresponsible with money in general. I get so frustrated with myself because sometimes it is a matter of a day or two between when a bill is due and when I get paid. I get late fees all the time, and can never seem to get a month ahead. Because of two late payments within the last three months, my credit has fallen from the mid-600s to the mid-500s.
A mortgage broker advised that we run the report again in a month and see if it has improved. If I follow that advice, I risk not finding a decent place to rent (with all the students pouring back into town Aug. 1). The problem is it makes me sick to think about spending almost $9,000 in rent when that money could actually be invested in a condo.
My parents have offered to look into co-signing if it would make a difference, but I feel embarrassed about even accepting that offer. I always pictured making my first purchase in such a different way. What can you advise?
View Answer Q: I am very glad I found this website! Maybe you can help me. Here is my problem: it's a long story, but my situation now is that my husband is in a local jail for drunk driving (not first time), house is in foreclosure and IRS has a lien on it. How can I remove my name from the mortgage before I'll divorce him and can start a new life, because right now I cannot even get my own credit card, because my credit is ruined?
View Answer Q: I bought a house last year with my girlfriend, and I was the only one with good credit so the loan was in my name, but for some reason I put her name on the title too. I can’t afford the house anymore and I don’t want to be with her anymore, but she won’t sell the house with me and she wont buy it off me for what I want for it. Is there anything I can do? Basically I will have to go into debt and lose the house to the bank; would I be able to sue her then for anything? Help please.
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